Prices of non-landed resale private homes inch up 0.1% in July

Prices of non-landed resale private homes stayed mostly flat last month. -- ST FILE PHOTO: CAROLINE CHIA  
Prices of non-landed resale private homes stayed mostly flat last month. -- ST FILE PHOTO: CAROLINE CHIA  

Prices of non-landed resale private homes stayed mostly flat last month, rising just 0.1 per cent over June, according to the latest figures released by the Singapore Real Estate Exchange (SRX).

This is a slowdown from the previous month's 0.8 per cent rise, owing to new rules by the Monetary Authority of Singapore (MAS) at the end of June to restrict home loans to overstretched borrowers, analysts said.

Homes in the core central region and suburban areas saw a fall in prices in July, declining 0.5 per cent and 0.4 per cent respectively compared with June, according to SRX data out on Wednesday.

But prices of homes in the city-fringe areas rose by 1.2 per cent in the same period, SRX added.

"The new MAS rules affecting housing loans are likely to continue their impact on the demand for private properties in the months ahead," said Mr Eugene Lim, key executive officer at property firm ERA Realty Network.

"Investors will be more careful as they have to take into account all the rules before buying a property."